Small and midsize RIAs could soon face new requirements to have a succession plan in place for their firms, and state securities regulators are asking for input from practitioners as they wrap up the rulemaking process.

On Aug. 1, after more than a year of development, the North American Securities Administrators Association released a proposed rule that would require advisors to formally address business continuity and succession planning within their firms, a move that comes in response to concerns about the graying of the advisor industry.

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